The petrochemical sector in the Gulf Cooperation Council (GCC) recorded a 12.5 per cent growth in revenues during the second quarter of this year, new figures show.

According to the Kuwait-based Global Investment House, the quarter-on-quarter rise put revenues for the period at $11.5 billion, the Oman Daily Observer reported.

In addition, it was noted that the industry's overall sales revenue registered year-on-year growth of 58.3 per cent compared to the corresponding quarter last year.

This was attributed to the year-on-year improvement in average sales prices as well as higher sales volumes.

"Based on our expectations, during the third quarter of 2010, the overall sector's sales revenue will show QoQ growth of eight per cent to ten per cent, which will mainly be based on growth in regional production on account of additional production capacity from new plants and better capacity utilisation," commented Global.

Meanwhile, it was reported this week that the Dubai Financial Market (DFM) benchmark index rose to a three-month high on Monday (6th September), supported by increased trading activity and high volumes.